it's breaking the law and crossing the rubicon of something never done before. how do we know depositors won't keep pulling their money out of the banks when they finally open? the ecb are forcing another country to give up their freedom. to give up any chance of economic growth to get out of this mess. let's go to former treasury assistant secretary, department and chairman of the americas partner group. charles, thank you for helping us. i wish the circumstances were better. it sounds like confiscation to me. these are deposits that were insured, guaranteed, the government is going to take it. why would the imf and others suggest they do it? what's behind this? >> larry, i think what's behind this is a continued fixation, which you see coming out of the imf and out of brussels and berlin. about trying to realize sustainable levels of debt-to-gdp over a period of time. i appreciate the need to try to get debt on a sustainable level, this is not the way to do it. this is, indeed, confiscation. i'm afraid they have crossed a line here they may regret. deposter in